One site for Breaking News, Politics, Sports, Entertainment & more!

Wynn stock falls as Macau high-rollers slow down

04:23 PM Nov 07, 2018

Shares of Wynn Resorts Ltd. fell more than 12% in the extended session Wednesday after the hotel and casino operator reported adjusted third-quarter earnings in line with expectations and quarterly sales that surpassed forecasts but in a subsequent call with analysts cast doubt on its Macau business in the fourth quarter. Wynn said it earned $156.1 million, or $1.44 a share, in the third quarter, compared with $79.8 million, or 78 cents a share, in the same period of 2017. Wynn pinned the better profit on an increase in operating income from Wynn Palace and Wynn Macau offset by a decrease in the company's Las Vegas operations. Adjusted for one-time items, Wynn earned $182.3 million, or $1.68 a share, compared with $155.8 million, or $1.52 a share, a year ago. Revenue rose to $1.71 billion, compared with $1.61 billion a year ago. Analysts polled by FactSet had expected Wynn to report adjusted earnings of $1.68 a share on sales of $1.67 billion. In the call, Wynn Chief Executive Matthew Maddox said the company does not anticipate losing share in its segments in China "but we do think that the premium end of the market is feeling softer and that's our expectation for the fourth quarter," according to a FactSet transcript.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.